WAUD REEVE B 4

What Happened
Reeve B. Waud, a director of Acadia Healthcare Company, Inc. (ACHC), was awarded two equity grants on May 6, 2026 totaling 15,907 shares (6,331 and 9,576 shares). The grants are recorded at $0 (awarded, not purchased) and will vest pro rata over a three‑year period beginning May 6, 2027. One of the grants reflects Mr. Waud’s election to receive his 2026 annual director cash retainer in shares.

Key Details

• Transaction date: May 6, 2026; Form 4 filed May 8, 2026 (filed within two business days).
• Grants: 6,331 shares and 9,576 shares; price reported $0.00 (award). Total new shares = 15,907.
• Vesting: Shares vest in equal annual installments over three years starting May 6, 2027 (see footnote).
• Recorded ownership (pre-existing, per filing): 653,015 shares held of record across related trusts/entities; the new awards add 15,907 to those records (total 668,922 on record).
• Beneficial ownership note: The filing explains why Mr. Waud may be deemed to beneficially own the shares held by those trusts/entities (see footnotes) but he disclaims beneficial ownership except to the extent of any pecuniary interest.

Context
This was an equity award (compensation) and an election to take a cash retainer in stock, not an open‑market purchase or sale; such awards are routine director compensation and do not by themselves indicate a personal buy/sell market signal. The filing appears timely for Section 16 reporting.